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How important is the economy?

I am an IB student in Sweden and I thought to myself the other day how important is the economy? I mean would the world be able to function without the economy system we have today which is all about producing in large quantities. How would the world be affected if all the banks were shut down, the markets were also closed what would be the result.

Topics: economy
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  • Apr 13 2013: The economy is important or better said, commerce is what makes the world go around. You could shut down the banks and the markets, but new intermediaries would emerge-moneychangers, traders in the casbah, coffee houses (Lloyds of London) or In Mad Max: Beyond Thunderdome--Barter Town.

    Commerce is what spreads the wealth. The city states of the Renaissance is where cultures were shared and business transpired. These locales grew because of it. Just like NYC, London, Hong Kong or Singapore today.

    Go back to Ancient Egypt, there was a division of labor farmers, traders, merchants all in the process of getting goods to market and into the hands of those who want/need them.

    Since ancient times we have had an economy , we have just become more efficient.

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